The Moody’s report is grim, but not hopeless. (I can’t quote relevant snippets due to User Agreements.) But what I really dislike is their balance sheet. The company can’t cover ‘accounts payable’ from ‘net receivables’, a problem that Moodys acknowledges and that is only going to get worse if the economy --hence, energy prices -- rolls over again, as it look like it’s going to.

Yeah, I’m long the bond, and I was wondering if I should add. But I think I’m going to sit tight on the tiny position I have and look elsewhere this morning.

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